China agrees to accommodate Pakistan’s demands in FTA

ISLAMABAD, Feb 9 (APP):After comprehensive negotiations, China agreed to accommodate the demands of Pakistani exporters in the amended China Pakistan Free Trade Agreement (CPFTA), which is expected to be signed in March, said a press release issued by the Ministry of Commerce here Friday.
The demands and concerns of local exporters were shared with China during the 9th round of the two-day negotiations on CPFTA that concluded on Thursday.
The Pakistan delegation was led by Secretary Commerce Mohammad Younus Dagha, who presented the demands of Pakistani exporters and industries for accommodating in the final draft of the CPFTA.
The demands included those from exporters to provide tariff concessions equivalent to the ASEAN countries.
On the other hand, various industries and chambers had provided input to the Ministry of Commerce during pre-negotiation consultations, for protection of the local industry from Chinese imports by disallowing tariff concessions on several products.
Dagha also suggested incorporating clauses for safeguarding the industries and the economy from any undue pressure on the balance of payments position.
Chinese side also agreed on Electronic Data Exchange which would help reducing the chances of under-invoicing, another major concern of Pakistani industry.
It is pertinent to mention here that the negotiations between the two countries had started in 2012 to finalize the revised version of CPFTA.